What Does “Licensing” Mean?

We are often faced with inventors who want to get a patent and strike it rich. Getting the patent is only one of many steps. If you want to strike it rich, you must also monetize the patent. There are several options. You may license the patent. In that case, the license may be exclusive or the license may be nonexclusive. In either case, you retain ownership of the patent and its invention. You may also assign the patent, which is the same as selling the patent, just like selling a piece of real estate. The assignment, which must be in writing, should be recorded at the patent office, just like recording a deed at the county real estate office, to make sure the public knows about the sale of the patent. If you have more questions, we suggest consulting with an experienced intellectual property attorney.